African-American buyer finds path to homeownership

View full sizeJOHN M. VINCENTSharisha Hicks got counsel from the African American Alliance for Homeownership and spent three years saving to buy a house for herself and her daughter, Aminia.

By CONNIE POTTER

​SPECIAL WRITER

Sharisha Hicks was tired of paying rent when she could have been paying that money toward a home of her own. But as a young single mother, buying a home seemed out of reach.

Then her cousin told her about the African American Alliance for Homeownership (AAAH) and the programs it offers to help first-time homebuyers, specifically minorities. Suddenly, homeownership seemed like a goal she could reach.

Three years later, Hicks and her 7-year-old daughter, Aminia, are proud owners of a three-bedroom home in Vancouver. During that time she took an eight-hour homeownership preparation class and started a savings program to save money for the down payment. The help and counsel she received along the way from AAAH made all the difference, Hicks said.

“They helped me prepare for what was ahead of me,” she said.

Other prospective buyers can find similar help at the 12th annual African American Homeownership Fair, which takes place Oct. 30 from 10 a.m. to 2:30 p.m. at Legacy Emanuel Medical Center, 501 N. Graham St., in the atrium. More than 50 housing professionals will be on hand to answer questions and offer resources to help those considering buying their first home.

Free lunch will be available from 11:30 a.m. until 1 p.m., courtesy of NW Natural. Fairgoers can enter to win prizes, including a $1,000 grant that can be used toward homebuying costs. Free workshops are offered through the day, along with activities for children.

While the focus is on pre-purchase counseling, experts also will be on hand to give advice about avoiding foreclosure.

The fair offers one-stop shopping for those contemplating buying a home, said Cheryl Roberts, executive director of AAAH.

“It’s an opportunity to bring all the housing professionals into one room,” she said.

Prospective buyers can talk with lenders, Realtors, home inspectors and other professionals. Attendees can sign up for homebuyer education classes and learn about financial support for down payments and closing costs. Counselors are available to guide potential homeowners through all the steps, from start to finish.

“We can even go look at homes with clients,” said Roberts. “Wherever they need help. We’re not there to tell them what to do but to provide support.”

For Hicks, having the assistance of AAAH counselors and staff made the homebuying process much clearer and less intimidating.

“It was helpful to work with people who could answer any questions I could possibly have,” she said. “I thought there would be more pressuring, but there wasn’t. It’s really just all up to you.”

AAAH’s mission is to increase homeownership and economic stability for African Americans and other under-served groups. Its services are free and open to the public.

“It’s not just a job we do,” said Roberts. “It’s a passion that helps us to empower people to become homeowners.”

Prospective homeowners especially appreciate how AAAH staff simplify the process and explain things in understandable terms, said Roberts. They cover everything from how to save money to how to find a Realtor and make an offer.

“They say, ‘Wow, we never understood it this way,’” she said. “For most of them, the light bulb comes on, and they dance out of the class.”

In 2008, AAAH received a national grant through the state of Oregon to also provide foreclosure counseling. Since then, it has counseled more than 900 individuals facing foreclosure.

AAAH can help prospective buyers establish Individual Development Accounts (IDA) to begin saving for their first home. For every $1 the buyer puts in, AAAH adds $3, up to a maximum of $12,000. The money can be used for down payments, closing costs and other expenses. Interest-free loans are also available to buyers who meet income requirements, to help with down payments and closing costs.

After nearly three years of saving and meeting with homeownership mentors, Hicks was ready to start looking for a home. Finding the right one took longer than she expected.

“I thought I would find one the first day,” she said. She looked at dozens of homes in Portland, but most of those in her price range were older homes that needed work. Finally, she expanded her search to Vancouver and checked out a zero-lot-line home in a quiet neighborhood near Westfield Mall. One step inside the door, and she knew it was the right fit.

Even though there were already two other offers on the home, Hicks submitted an offer and, to her delight, it was accepted.

“I thought, maybe this is God’s place for me to be,” she said.

Homeownership is all it’s cracked up to be, Hicks added. “There’s more security and peace of mind,” she said. “It feels good.”